Economic Feasibility Assessment of Audit Firms in Bhutan

Pawan Kumar Sharma

Abstract


All audit services of corporations and private sector businesses in Bhutan are presently outsourced to foreign audit firms. Small scale and basic services of auditing, accounting and taxation of small and medium sized business enterprises (SMEs) are currently provided by freelance and informal individuals whose services are unreliable, sporadic and lack legitimacy. To import these services from outside is paradoxical even as unemployment in the country, particularly of youth, is on the rise. Establishment of national auditing firms has immense potential for job creation.

The present paper attempts to examine the reason/(s) for lack of Bhutanese audit firms, to study the economic feasibility and sustainability of Bhutanese audit firms, and also to assess the effect of auditors’ work culture on clients’ business among others.


Keywords


RAA, BAS, feasibility, General Auditing Rules and Regulations

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